Make Your Estate Plan in 2018
As the year 2018 rapidly approaches, now is the time to consider your goals and resolutions for the year to come. Our Alabama estate planning lawyers urge anyone who does not yet have an estate plan to consider setting the creation of an estate plan as one of your New Year’s resolutions. For those with a plan in place, use the New Year to review your estate plan and make changes as necessary.
Why Make an Estate Plan?
Estate Planning Essentials
Your bulletproof estate plan will start with a will. In your will, you can name who you want to receive what assets. A will gives you control over where your assets go and remove any uncertainty as to your last wishes. You can also name a proposed guardian for your minor child within your will. Even if you create a living trust, you should still have a will for this reason.
Some assets do not pass through probate, making it important that you name a beneficiary and keep that beneficiary updated for these assets. Assets that will not typically go through probate include your retirement accounts and life insurance policies. Homes owned jointly will also avoid probate, with ownership going to the co-owner of the home involves a right of survivorship.
Trusts form another central component of a bulletproof estate plan. With a trust, you can place your assets within the trust so that they will pass directly to the named recipient without the need for probate. Trusts avoid taxation and the time delays associated with probate. Contact your estate planning lawyer to get started creating your estate plan today.